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Back again!
Right people,what's the timescale from me getting in touch with an IP and decision with creditors?
Does an IP get in touch with my creditors and do they stop chasing me up which in my case includes the inland revenue.
Talking of inland revenue with me being self employed won't i have to show extra earnings besides the 200 pounds spare for creditors for future tax bills?
Once again thankyou in adxance for any input.

Hi Eddie

Most IPs will have differing procedures, so I can only confirm what happens in my practice.

Once we have taken instructions from our client, we immediately write to creditors to explain that we are under instructions and that they ought to make contact with us directly. Unfortunately this rarely happens, and they will probably continue to pester you in the meantime.

In common with general financial practice for the self-employed, you will need to ensure that you provide accurate figures to your accountant for your earnings, so that the correct amount of tax can be calculated.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Sorry,i didn't word my question very well.
Yes i know about me being accurate with my yearly figures to my accountant but with me only having 200 pounds a month spare for creditors then with a annual tax bill on top then an IVA will surely get refused.
thanks again.

Eddie

You must provide for your taxes before you work out your disposabl income. If this leaves you with no spare money to offer to creditors, you may need to look at bankruptcy proceedings as a preferred option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp